Journal/No. 004
NAV 8,356,293.76, down 0.3% week-on-week. TWR YTD 29.04% versus NASDAQ 15.14%. Overlay week — TWLO faded and still held, selling both sides for premium. SOFI paying for time. GOOG called toward the door. NVDA collared 230/240. NBIS puts growing. NU, BRZE, CRWV on the way out.
NAV 8,356,293.76, down 0.3% from last week's 8,385,101.94.
Dashboard TWR YTD 29.04% versus NASDAQ 15.14%. Ahead by 13.9pp. Grid not in this snapshot; last grid YTD 27.77% kept.
16 equities, 61 short listed options, 77 lines. Residual cash HKD 2,318,109.
What changed
TWLO faded. 400 → 300 after the Oct 02 242.5 call took a slice, last 301.80 → 275.77. Confidence did not fade with it. The overlay is now both sides: Oct 09 285 put, Oct 16 295 call and put. Sell the call and the put together, take the premium, keep the line. Not a stock sale. Not a chase back to 300.
SOFI 8,500 held, 15.86 → 15.65, cost 18.31. Still not looking down. Still selling premium to buy time. Oct 23 15.5 and 16 calls stacked on the Oct 09/16 book. The stock can sit. The overlay pays the wait.
GOOG 500 → 400, last 345.42. Covered calls are the exit, and this week added more of them: Oct 23/30 340, plus a new Oct 30 355. No market order. Let the calls walk the name out.
NVDA 500 → 400, last 231.33. Different overlay from GOOG. Sell the put at 230 below the print, sell the call above 240. Floor and ceiling. The 230 calls still on Oct 09/12/16 are the leftover grind; the 230/240 puts are the new sleeve. Collar the line. Do not dump it.
NBIS is the add that is supposed to get larger. No stock yet. Puts are the whole position: Oct 09 230, Oct 16 235, Oct 23 240/245, and a new Oct 30 235. Assignment is accepted. Chasing the stock is not.
NU, BRZE, CRWV are on the way out. NU last 13.28 → 15.37; the Oct 09 14 call (−20) is 1.48, in the money — that is the bounce working. BRZE 1,200 against the Oct 16 25 call/put. CRWV still 600, 88.60 → 81.93; Oct 09/16 81 calls still open (1.60 / 3.50). Overlay exits them. Do not market-sell.
The add sleeve is AEIS, FLEX, NOW, SKHY, SMTC. NOW 100 → 200 is a put that already worked. FLEX 600 kept, new Nov 20 120 put on top of the Oct 16 115. AEIS 100 plus the 300-put. SKHY 190/192.5 puts, SMTC 175–195 puts. Same rule as NBIS: size comes from short puts, not from chasing prints.
One hold thesis
TWLO is still the core long after the fade. 300 shares is a large line and that is intended. The beat is still in the name at 275.77. Sell both sides of 295, collect the premium, do not sell the residual because last week it was 301. Stock holds. Overlay earns the wait.
One scratch
CRWV was supposed to be gone. Print 003 said the 81 calls were about to assign. They did not. The name is now in the exit group with NU and BRZE, still 600 shares, still through the strike, still waiting on 1.60 / 3.50. Three exits sitting while NBIS puts are asked to become a larger portion. Next week: keep working the calls. Do not market-sell. Fresh size goes to NBIS, AEIS, FLEX, NOW, SKHY, SMTC.
One share line for X
NAV 8.36M, TWR YTD 29.04% vs NASDAQ 15.14%. TWLO faded, still held, premium both sides. NBIS puts growing. Print 004.
Later notes on this entry
Second thoughts stay attached to the original fill. The post is not rewritten.
No later notes yet. The first thought still stands.